January, 2021 - Economic Development Newsletter
PROVINCIAL GOVERNMENT UPDATES

Get COVID-19 relief funding for your business



New funding announcements for January 2021

Ontario Small Business Support Grant: help for small businesses that are required to close or significantly restrict services under the new Provincewide Shutdown effective December 26, 2020. More details to follow.


Property tax and energy bill rebates: COVID-19 Energy Assistance Program - Small Business (CEAP-SB)

Fill out an online application to apply for PPE support, property tax rebates or energy cost rebates.

You will be able to complete a single form to apply for any – or all – of these programs.
REGIONAL FUNDING


Regional Relief and Recovery Fund (RRRF)



This RRRF financing is to support small enterprises including social enterprises that are unable to access federal and provincial relief funding programs, or unable to obtain a loan/credit from traditional financial institutions, and that are struggling with working capital needs.

Application guidelines for the RRRF:

  • Maximum assistance for the Emergency Loan Fund under this program is $40,000* NOTE if you have previously applied for the RRRF funding you can apply again, but funding can not exceed $40,000 total between the two Applications.
  • Credit check is required
  • 0% interest rate and no principal payments until December 31, 2022.
  • Principal repayments can be voluntarily made at any time.
  • 25% (not to exceed $10,000) of any loan can be forgiven provided the recipient has paid 75% of the original loan amount prior to December 31, 2022.
  • If the recipient is unable to repay the loan by December 31, 2022, the loan will be converted to a three-year term loan with interest rates up to 5%, effective January 1, 2023. The full balance must be repaid no later than December 31, 2025.

No application deadline, applications will be accepted until funding pool is depleted.
BUSINESS TRAINING AND CONSULTING GRANTS


Grants up to $2000 are now available



Wellington Waterloo Community Futures (WWCF) has allotted $250,000 in grant funding to focus on providing technical and professional training/consulting services to help small and medium sized enterprises recover from the COVID-19 pandemic.

Examples of eligible projects may include, but are not limited to the following:

• adapting workflows and processes (e.g. digital needs assessment)
• advice for diversifying their markets and sales channels.
• adapting to new safe workplace regulations related to COVID-19.
• accounting and cashflow consulting
• website and social media consulting
• legal consult and review of possible COVID-19 complications
• human resource consult for health and safety or labour relations related to COVID-19 and return to work

Deadline to Apply is January 30th 2021
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